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Journal articles on the topic 'Seasoned equity offerings (SEO)'

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Published: 4 June 2021
Last updated: 4 February 2022

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1

Perdana, Djaja. "KINERJA SAHAM DI SEPUTAR SEASONED EQUITY OFFERINGS (SEO)." Wahana 11, no. 1 (2009): 15–29. http://dx.doi.org/10.35591/whn.v11i1.8.

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This research aims to investigate the market reaction to seasoned equity offerings (SEO). This research was conducted at Jakarta Stock Exchange over 2000-2002 using 77 emitens based on purposive sampling. Paired sample t-test is used in testing return, abnormal return and trading volume activity surronding seasoned equity offerings (SEO) announcement (t-5 until t+5). The result of the all analysis shows that there are no significant average return, abnormal return and trading volume activity surrounding seasoned equity offerings (SEO).Keywords: Seasoned Equity Offerings, Return, Abnormal Retur
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2

HAN, YAN, XIN CUI, ZHIMIN HUANG, and ALLAN ASHLEY. "MANIPULATION AND EQUILIBRIUM AROUND SEASONED EQUITY OFFERINGS." International Journal of Information Technology & Decision Making 10, no. 05 (2011): 771–92. http://dx.doi.org/10.1142/s0219622011004609.

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There exists a widely held belief that informed investors manipulate stock prices prior to seasoned equity offerings (SEO). Contrary to this assertion, a model is developed, which demonstrates there is significant evidence that informed investors not to manipulate trading prior to a SEO. Furthermore, there is an arguement that informed investors to trade the stock in the same direction indicated by their private information. In addition, the model is consistent with previous empirical evidence. Previous literature heavily relies on the Gerard and Nanda (1993) model. The model allows for more t
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3

Gustafson, Matthew T. "Price Pressure and Overnight Seasoned Equity Offerings." Journal of Financial and Quantitative Analysis 53, no. 2 (2018): 837–66. http://dx.doi.org/10.1017/s0022109017001181.

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Between 2009 and 2014, 75% of seasoned equity offerings (SEOs) were announced and issued overnight, compared to 27% between 2000 and 2008. Overnight issuers obtain a higher SEO offer price because they experience more favorable pre-offer returns. Consistent with these favorable returns being due to the avoidance of pre-issue selling pressure, non-overnight issuers experience a 2.5% pre-issue stock-price decline that reverses within 7 days. This post-issue reversal is increasing in SEO offer size and bigger following large pre-issue price declines. In contrast, returns following overnight offer
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4

Perdana, Djaja. "DETEKSI MANAJEMEN LABA MELALUI PERBEDAAN NILAI ABSOLUT AKRUAL DISKRESIONER SEPUTAR SEASONED EQUITY OFFERINGS." Jurnal Economia 14, no. 1 (2018): 54. http://dx.doi.org/10.21831/economia.v14i1.18397.

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Abstrak: Deteksi Manajemen Laba Melalui Perbedaan Nilai Absolut Akrual Diskresioner Seputar Seasoned Equity Offerings. Penelitian ini bertujuan mendeteksi praktik manajemen laba pada perusahaan yang melakukan aksi Seasoned Equity Offerings. Pendeteksian manajemen laba dilakukan melalui pengujian perbedaan nilai absolut akrual diskresioner sebelum dan sesudah aksi Seasoned Equity Offerings (SEO). Penelitian ini melibatkan total 201 data observasi dari 67 sampel perusahaan yang terdaftar di Bursa Efek Indonesia yang melakukan Seasoned Equity Offerings selama periode 2008-2013 dan dipilih melalui
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Wu, Ching-Chih, and Tung-Hsiao Yang. "Insider Trading and Institutional Holdings in Seasoned Equity Offerings." Journal of Risk and Financial Management 11, no. 3 (2018): 53. http://dx.doi.org/10.3390/jrfm11030053.

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We investigate three issues about the impact of insider trades and institutional holdings on seasoned equity offerings (SEOs). First, we test how insider trades affect the trading behavior of institutional investors in SEOs. Second, we test whose trading behavior, either insiders or institutional investors, has greater explanatory power for the performance of SEO firms after issuing new stocks. Third, we analyze the industry-wide spillover effects of insider trades and institutional holdings. Empirically, we find that insiders and institutional investors of SEO firms may utilize similar inform
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6

Happ, Christian, and Dirk Schiereck. "Seasoned equity offerings and corporate governance in Europe." Journal of European Real Estate Research 10, no. 2 (2017): 170–94. http://dx.doi.org/10.1108/jerer-05-2016-0019.

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Purpose This paper aims to analyze the effects on shareholder value caused by the announcement of seasoned equity offerings (SEOs) by real estate firms from 12 European countries. Design/methodology/approach A 4-factor model event study is conducted to assess the impact of SEO announcements on firm value. Additionally, a cross-sectional regression is run to identify factors that aggravate or mitigate the documented announcement effects. Findings Significant wealth losses of −1 per cent are found on the announcement day of an SEO. However, firms with good corporate governance and a low probabil
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7

Huang, Rongbing, and Donghang Zhang. "Managing Underwriters and the Marketing of Seasoned Equity Offerings." Journal of Financial and Quantitative Analysis 46, no. 1 (2010): 141–70. http://dx.doi.org/10.1017/s0022109010000712.

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AbstractUsing a sample of 2,281 seasoned equity offerings (SEOs) from 1995 to 2004, we show that the marketing of securities is important to issuers. The number of managing underwriters for an SEO is negatively related to the offer price discount, especially when the relative offer size is large and the stock return volatility is high. Larger investor networks of comanaging underwriters also lower offer price discounts. We argue that the evidence is supportive of the marketing hypothesis: The underwriters’ marketing efforts can lower the offer price discount by shifting up and flattening the d
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8

Violetta, Vinny, and Jenjang Sri Lestari. "PENGARUH KONSERVATISME AKUNTANSI TERHADAP ABNORMAL RETURN SAHAM PADA SAAT PENGUMUMAN SEASONED EQUITY OFFERINGS." MODUS 27, no. 1 (2016): 77. http://dx.doi.org/10.24002/modus.v27i1.570.

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This study aims to determine the efect of conservatism against abnormal stock returns during the announcement of Seasoned Equity Oferings (SEO) companies listed on the Stock Exchange. Tis study was conducted to see the efect of accounting conservatism towards abnormal return during the announcement of SEO. Tis study also uses the control variables of size and leverage. The sample in this company using the 39 companies listed on the Stock Exchange and ofering additional shares during 2011-2013. Results from the study showed that conservatism has a signifcant positive efect on abnormal stock ret
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9

Huang, Han-Ching, and Hsiu-Hsin Chiu. "Insider Trading and the Classification of Seasoned Equity Offerings: Evidence from Taiwan." International Journal of Economics and Finance 9, no. 5 (2017): 58. http://dx.doi.org/10.5539/ijef.v9n5p58.

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This paper investigates whether insider purchasing or selling before Season equity offerings (SEO) announcement have the impact on the cumulative abnormal returns (CAR) around SEO announcement in Taiwan. We find that there are negative announcement effects around the SEO announcement, which is not consistent with the argument that there are usually positive announcement effects around the SEO announcement in Taiwan. Moreover, long-run abnormal returns following SEOs are negative. Therefore, the motivation of SEO has changed from investment to overvaluation.. Although there is net buying prior
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10

ERVINA, NANCY IKA, and MUSDHOLIFAH MUSDHOLIFAH. "Analisis Kinerja Keuangan PT. BNI (Persero) Tbk Sebelum dan Sesudah Melakukan Seasoned Equity Offerings." BISMA (Bisnis dan Manajemen) 3, no. 1 (2018): 34. http://dx.doi.org/10.26740/bisma.v3n1.p34-48.

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Seasoned equity offering (SEO) is done by public company which need seasoned loan to costing operational activities and invest. Except to costing operational activities and invest a company, this offering can used to looking for seasoned loan to pay company loan. The aim of this study is to analyze financial performance of PT. BNI (Persero) Tbk before and after seasoned equity offering (SEO) with CAMELS (Capital, Assets Quality, Management, Equity, Liquidity, dan Sensitivity) measurement. This research represent descriptive which purposed to collect information about exist symptom. This resear
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11

Dutta, Anupam. "Seasoned Equity Offerings: Further Evidence from Australia." Global Business Review 18, no. 4 (2017): 1010–18. http://dx.doi.org/10.1177/0972150917692403.

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While numerous empirical studies document significant long-run underperformance of seasoned equity offerings (SEOs) in different security markets, Allen and Soucik (2008, Mathematics and Computers in Simulation, 78(2–3), 146–154) argue that such an underperformance is dependent on the definition of ‘long-run’. They show that if ‘long-run’ is defined as 12 years instead of the usual 5 years, Australian SEOs seem to turn around their performance particularly during the sixth and seventh year, and the abnormal performance tends to disappear by the eighth year. This article reassesses whether the
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12

Kim, Yongtae, Siqi Li, Carrie Pan, and Luo Zuo. "The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings." Accounting Review 88, no. 4 (2013): 1327–56. http://dx.doi.org/10.2308/accr-50420.

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ABSTRACT Using seasoned equity offerings (SEOs) from 1989 to 2008, we examine the role of accounting conservatism in the equity market. We find that issuers with a greater degree of conservatism experience fewer negative market reactions to SEO announcements. We further show that an important mechanism through which conservatism affects SEO announcement returns is by mitigating the negative impact of information asymmetry. Additional analyses suggest that our results are not driven by the effects of other forms of corporate governance. We also find evidence that conservative issuers continue t
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13

Hovakimian, Armen, and Huajing Hu. "Anchoring on Historical High Prices and Seasoned Equity Offerings." Journal of Financial and Quantitative Analysis 55, no. 8 (2019): 2588–612. http://dx.doi.org/10.1017/s0022109019000723.

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We document that firms’ financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high price positively affects the probability of a seasoned equity offering (SEO). Furthermore, the postannouncement market reaction is muted and the offering discount is smaller if the preannouncement stock price is high relative to its historical high price. The results suggest that historical high price reference points may help managers rationally time SEOs to take advantage of market reception and minimize issuance costs.
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14

Billett, Matthew T., Ioannis V. Floros, and Jon A. Garfinkel. "At-the-Market Offerings." Journal of Financial and Quantitative Analysis 54, no. 3 (2018): 1263–83. http://dx.doi.org/10.1017/s0022109018000893.

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We study at-the-market (ATM) equity offerings, which are direct share issuances sold in the secondary market that forgo underwriters and “dribble-out” shares over time rather than raising them all at once. Enabled in 2008, their use has increased dramatically, and in 2016, their incidence and total proceeds were, respectively, 63% and 26% of those for seasoned equity offerings (SEOs). Determinants of firms’ choice between ATMs and SEOs are consistent with the costly certification hypothesis of Chemmanur and Fulghieri (1994). We also find that 65% of ATM proceeds are used to stockpile cash comp
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15

Baryeh, Loretta, Peter DaDalt, and Varda Yaari. "Insider trading by directors and seniors officers before seasoned equity offerings." Corporate Ownership and Control 7, no. 2 (2009): 358–66. http://dx.doi.org/10.22495/cocv7i2c3p3.

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An important aspect of corporate governance is how directors discharge their duty to shareholders as monitors of management’s opportunistic behavior. The insider trading by officers and directors before seasoned equity offerings (SEO) provide an opportunity to examine this issue, because insiders’ sales of the firm’s stock are incongruent with the objective of the firm to maximize the proceeds of the SEO. Since the market is aware that firms attempt to inflate their proceeds by managing earnings upwards, these trades may signal that the stock is overvalued. In this study, we compare the earnin
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16

Comiran, Fernando, Tatiana Fedyk, and Joohyung Ha. "Accounting quality and media attention around seasoned equity offerings." International Journal of Accounting & Information Management 26, no. 3 (2018): 443–62. http://dx.doi.org/10.1108/ijaim-02-2017-0029.

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Purpose This paper aims to investigate how media coverage affects the quality of accounting information for seasoned equity offering (SEO) firms. Design/methodology/approach The sample includes SEOs completed between January 1993 and December 2014 in the USA that are available from Thomson Financial’s Securities Data Company. The FactSet database was used to measure the amount of media coverage. The paper considers two types of earnings management: accrual-based earnings management and real earnings management. Findings This study finds that the media serves as a watchdog for real earnings man
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17

Gao, Xinghua, and Yonghong Jia. "The Role of Internal Control in the Equity Issue Market: Evidence From Seasoned Equity Offerings." Journal of Accounting, Auditing & Finance 32, no. 3 (2015): 303–28. http://dx.doi.org/10.1177/0148558x15602821.

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This article examines the role of internal control requirements under the Sarbanes–Oxley (SOX) Act of 2002 in firms’ cost of raising equity capital. We find that, prior to the disclosure of internal control weaknesses (ICWs), ICWs are not directly associated with underwriters’ gross spread and seasoned equity offering (SEO) underpricing. After the disclosure, however, underwriters charge a risk premium on ICW issuers, especially on those disclosing ICWs in multiple consecutive years. We also find that SEO underpricing is exacerbated by multiple-year-disclosed ICWs but not by first-timers. More
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18

Chiu, An-An, Shaio Yan Huang, Ling-Na Chen, and Wei-Hua Lin. "Earnings management and seasoned equity offerings: evidence from Taiwan started Go Incubation Board for Startup and Acceleration firms." Investment Management and Financial Innovations 17, no. 2 (2020): 183–97. http://dx.doi.org/10.21511/imfi.17(2).2020.15.

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Although a large body of empirical research focuses on listed companies, less is done regarding small and medium enterprises. Under the authorities’ support, Taipei Exchange (TPEx) started Go Incubation Board for Startup and Acceleration Firms (GISA) in January 2014. This research yields insight into earnings management activities around seasoned equity offerings (SEO) based on GISA firms in Taiwan and the effectiveness of external corporate governance. Data for the study come from the GISA Market Observation Post System of TPEx and Taiwan Economic Journal. The results reveal that GISA firms w
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19

Basdekidou, Vasiliki A. "Seasoned Equity Offerings as Technical Market Anomalies: Long-Term Temporal Trading Functionalities." International Journal of Economics and Finance 9, no. 1 (2016): 96. http://dx.doi.org/10.5539/ijef.v9n1p96.

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<p>The main goal of this paper is to approach the Seasoned Equity Offerings (SEO) trading opportunities as technical market anomalies and under the prism of a number of temporal (time-based) long-term trading functionalities (long-term TTF) introduced for the first time in corporate finance literature. The long-term is defined, for the purposes of this paper, as the 3-year time period, traded usually with daily, weekly and monthly time-frames. Trading is a temporal (i.e. time-based) historical living system with a number of functions, like: SEO, IPO, stock (instrument) price action Gaps,
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20

Qian, Hong. "The timing of seasoned equity offerings: a duration analysis." Managerial Finance 40, no. 6 (2014): 565–86. http://dx.doi.org/10.1108/mf-09-2013-0244.

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Purpose – Using a sample of 6,198 US firms that went public from 1975 to 2004, the purpose of this paper is to examine when these firms come back to the equity market and investigate the determinants of the timing decision. Design/methodology/approach – By properly modeling the time between two consecutive equity offerings using the duration analysis, the author tests different hypotheses in a unified framework and investigates their relative importance in explaining the timing decision of seasoned equity issuance. Findings – The paper documents that firms often return for a new round of equit
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21

Eom, Chanyoung. "Long-Run Performance Of U.S. Seasoned Equity Offerings After The Year 1995." Journal of Applied Business Research (JABR) 30, no. 5 (2014): 1305. http://dx.doi.org/10.19030/jabr.v30i5.8787.

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<span style="font-family: "Times New Roman","serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">This paper questions if the anomaly in the events of seasoned equity offerings has remained significant after it was first documented and analyzed in the year 1995. I find that U.S. domestic firms issuing primary and combined SEOs underperform in the three years after issuance between 1970 and 1994, while the same underperformance is not docu
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Arugaslan, Onur, and Louise Miller. "On the Conditioning of the Financial Market’s Reaction to Seasoned Equity Offerings." LAHORE JOURNAL OF ECONOMICS 11, no. 2 (2006): 141–54. http://dx.doi.org/10.35536/lje.2006.v11.i2.a8.

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Consistent with asymmetric information arguments, prior research has shown that the financial market typically responds negatively to the announcement of a seasoned equity offering (SEO). Korajczyk and Levy (2003), however, suggest that while some firms time the issuance of their common stock to take advantage of outside investor overvaluations, financially constrained firms do not. We examine whether prior information on how financially constrained a firm is along with its growth prospects influences the financial market’s response to the firm’s announcement to sell common stock. We find evid
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Oh, Hyun, and Woo Kim. "The Effect of Analyst Coverage on the Relationship between Seasoned Equity Offerings and Investment Efficiency From Korea." Sustainability 10, no. 8 (2018): 2704. http://dx.doi.org/10.3390/su10082704.

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In order for a firm to remain sustainable, it must establish a strategy that is appropriate to its changing environment. One of these strategies is that the procurement of capital and the efficient operation of the procured capital are directly linked to the sustainability of the firm. This study empirically analyzes the relationship between seasoned equity offerings (hereafter SEO) and investment efficiency. We examine the investment efficiency of firms that have SEO and those that do not, and then analyze the effect of analysts on the relationship between SEO and investment efficiency. The e
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24

N Agus Sunarjanto. "ANALISIS KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH SEASONED EQUITY OFFERINGS DI BURSA EFEK JAKARTA." Jurnal Organisasi dan Manajemen 3, no. 1 (2007): 45–58. http://dx.doi.org/10.33830/jom.v3i1.104.2007.

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Seasoned Equity Offering (SEO) is an additional public offering of a company’s shares in order to generate extra financing for business expansion or fulfillment of its liability. Based on Jakarta Stock Exchange data, 11 listed companies conducted SEO during year 2001. However, only 8 companies meet the requirements as samples for this research. In order to evaluate financial and operational variables, this research uses financial statement figures published 2 year prior and after SEO’s. Current ratio (CR), debt to equity ratio (DER) are chosen to represent financial variables, while net profit
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Bella Sri Lestari, Ni Komang, and Dewa Gede Wirama. "Perbandingan Reaksi Pasar atas Seasoned Equity Offering dengan Tujuan Investasi dan Membayar Utang." E-Jurnal Akuntansi 30, no. 10 (2020): 2629. http://dx.doi.org/10.24843/eja.2020.v30.i10.p15.

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This research compares market reaction to seasoned equity offering (SEO) with investment purpose and debt repayment purpose. The research was triggered by pecking order theory’s. The sample of this research is 62 Indonesian public companies that carried out SEO during the 2013 to 2019 period. The SEO announcement date is used as event date. The event window is five days around the event date. Abnormal return is measured by market-adjusted model. The result of independent sample t-test shows that market reaction to SEO with investment purpose is better than market reaction to SEO with debt repa
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Kim, Yongtae, and Myung Seok Park. "Pricing of Seasoned Equity Offers and Earnings Management." Journal of Financial and Quantitative Analysis 40, no. 2 (2005): 435–63. http://dx.doi.org/10.1017/s0022109000002374.

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AbstractThis study examines the relations between earnings management by firms offering seasoned equity issues and the pricing of their offers. We hypothesize that seasoned equity offering (SEO) firms that employ aggressive accounting decisions also more aggressively push up their offer prices, thereby leading to a decrease in the degree of underpricing. Consistent with our prediction (the issuer's greed hypothesis), evidence indicates that SEO firms that make opportunistic accounting decisions issue new shares at inflated prices. Our findings remain robust after controlling for other determin
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Rafik, Abdur, and Salsabila Annisa Azmi. "Long-Run Underperformance on Seasoned Equity Offerings: An Evidence from Indonesia." Binus Business Review 10, no. 1 (2019): 41–49. http://dx.doi.org/10.21512/bbr.v10i1.5403.

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The research aimed to analyze the underperformance phenomenon following Seasoned Equity Offering (SEO)in Indonesian context. Samples were all firms listed on the Indonesia Stock Exchange with the right issue in the observed periods, were chosen by purposive sampling with several criteria. In total, there were 109 issuing firms from 2009-2014 that were analyzed using performance benchmarking approaches. The approaches consisted of market-based, size-based, growth-based, and industry-based benchmarks. The market-based was constructed using a market return. Then, the size and the growth benchmark
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Brockman, Paul, Michael Firth, Xianjie He, Xinyang Mao, and Oliver Rui. "Relationship-Based Resource Allocations: Evidence from the Use of “Guanxi” during SEOs." Journal of Financial and Quantitative Analysis 54, no. 3 (2018): 1193–230. http://dx.doi.org/10.1017/s0022109018000807.

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We examine the role of relationship-based resource allocations during the approval process of seasoned equity offerings (SEOs) in the Chinese capital market. Our results show that guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management (EM), related-party transactions (RPTs), and intercompany loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SEO period, which indicates that it results in inefficient resource allocations
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Lin, Yi-Hua, Yenn-Ru Chen, and Jeng-Ren Chiou. "Ownership control and rights offerings in Chinese listed firms." Corporate Ownership and Control 5, no. 4 (2008): 481–91. http://dx.doi.org/10.22495/cocv5i4c5p8.

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Most Chinese listed companies were transformed from state-owned enterprises (SOEs). Institutional transformation results in an ownership structure that is characterized by highly concentrated ownership and state-owned shares, which may exert an influence on corporate finance. In China, listed companies rely heavily on equity for capital needs, but the government blockholders often subscribe to no shares or to partial shares; they tunnel seasoned offering equity (SEO) capital to their nonprofit units through related party transactions. Therefore, we examine large shareholders’ rights offering b
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Romero, Frederick P. "Seasoned Equity Offerings (SEO) on Stock Returns: An Event Study on the Philippine Context." Advanced Science Letters 23, no. 8 (2017): 7582–85. http://dx.doi.org/10.1166/asl.2017.9527.

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Chemmanur, Thomas J., and Yawen Jiao. "Institutional Trading, Information Production, and the SEO Discount: A Model of Seasoned Equity Offerings." Journal of Economics & Management Strategy 20, no. 1 (2011): 299–338. http://dx.doi.org/10.1111/j.1530-9134.2010.00290.x.

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32

Abdullah, Saeed Md, and Simon Zaby. "Seasoned Equity Offerings and Differences in Share-Price Impact by Firm Categories." International Journal of Financial Studies 9, no. 3 (2021): 36. http://dx.doi.org/10.3390/ijfs9030036.

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The seasoned equity offering (SEO) market plays a significant role in the economic development of a country by providing liquidity for ongoing commercialization and innovation. This study is a comprehensive analysis of 149 SEOs and their effect on share prices in Thailand between 2009 and 2019. SEOs are categorized based on their time categories (early, mid, and grown) and volume categories (small, medium, big, and super). Using the event study methodology (multi-factor model), we find that most SEOs under both categories have a negative cumulative abnormal return (CAR) in the window period. R
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Ngo, Anh, Hong Duong, and Anthony Chen. "The Effects of Covenant Violations on the Underpricing of Seasoned Equity Offerings and the Implied Cost of Equity Capital." Quarterly Journal of Finance 06, no. 01 (2016): 1640003. http://dx.doi.org/10.1142/s2010139216400036.

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This study examines the impact of covenant violations on the implied cost of equity capital and the underpricing of seasoned equity offerings (SEOs). Using a novel dataset of 1,028 first-time covenant violations from 1996–2011, we find a higher level of SEO underpricing during the period immediately following covenant violations. This suggests that creditors require violating firms to issue equity to lower leverage and that equity investors interpret the violation negatively. We also find that violating firms experience an average increase of 8.48% in the implied cost of equity capital. By com
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Melia, Adrian, Paul Docherty, and Steve Easton. "The impact of regulation on the seasoned equity offering decision." Australian Journal of Management 45, no. 1 (2019): 94–113. http://dx.doi.org/10.1177/0312896219833724.

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The rarity of rights issues in the United States makes it difficult to examine the choice between alternative seasoned equity offering (SEO) methods in that market. In Australia, however, both rights issues and private placements are prevalent. We therefore use the Australian market to test whether regulation influences a firm’s choice between rights issues and private placements. When a firm decides to issue seasoned equity in Australia, regulation favours private placements if the issue is small or needs to be completed quickly. Consistent with regulations affecting the choice between SEO ty
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35

Kwon, Soo Young, Jongwon Park, and Jaeyoon Yu. "The Effect of Industry-Specialist Auditors on SEO Underpricing Before and After the Global Financial Crisis." AUDITING: A Journal of Practice & Theory 37, no. 1 (2017): 89–113. http://dx.doi.org/10.2308/ajpt-51779.

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SUMMARY This study examines whether auditors' industry expertise is negatively associated with underpricing of seasoned equity offerings (SEO) and whether the association between auditors' industry expertise and SEO underpricing changes around the global financial crisis (GFC). Using a sample of 2,028 SEO observations from 2001 to 2013, we document that in the pre-GFC period, auditors' industry expertise is negatively associated with SEO underpricing, but not during the post-GFC period. Industry-specialist auditors are also associated with higher earnings response coefficients in the pre-GFC p
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Wisudanto, Wisudanto, Celine Ilyassin, and Mayliya Alfi Nurrita. "Outside Large Shareholder dan Dividen pada Seasoned Equity Offering (SEO)." E-Jurnal Akuntansi 30, no. 4 (2020): 874. http://dx.doi.org/10.24843/eja.2020.v30.i04.p06.

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37

Njah, Mouna, and Raoudha Trabelsi. "Large institutional investors and the pressure to manage earnings surrounding seasoned equity offerings." International Journal of Law and Management 61, no. 2 (2019): 402–20. http://dx.doi.org/10.1108/ijlma-07-2018-0139.

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Purpose The purpose of this paper is to investigate the monitoring role exerted by large institutional investors and their ability to restrict the earnings management practices conducted around seasoned equity offerings (SEOs). Design/methodology/approach The sample includes 130 French SEOs by non-regulated firms during 2004-2015. The authors used various cross-section, univariate and multivariate tests using several proxies for earnings management. They attempt to highlight that firms issuing SEOs are more able to manage earnings around SEOs owing to the predominance of large speculative inst
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Hong, Soonwook. "Earnings Management by Financing Purposes." Journal of Applied Business Research (JABR) 32, no. 6 (2016): 1871. http://dx.doi.org/10.19030/jabr.v32i6.9837.

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An objective of this study is to investigate the difference of earnings management before financing by capital financing purposes. Two main methods of financing directly in capital markets are seasoned equity offerings (hereafter ‘SEO’) and issuing bonds (hereafter ‘BOND’). The purposes of financing are largely classified into working capital and investment capital. This study investigates whether the firms that need to finance for working capital are more motivated for earnings management than the firms that need to finance for investment capital. The results show that discretionary accruals
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Jerbi Maatougui, Abir, and Khamoussi Halioui. "The effect of outside blockholders on earnings management around seasoned equity offerings in French listed companies on the SBF120." Journal of Financial Reporting and Accounting 17, no. 3 (2019): 449–67. http://dx.doi.org/10.1108/jfra-02-2018-0012.

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Purpose The purpose of this study is to test the effect of the presence of outside blockholders on earnings management around seasoned equity offerings (SEOs). Design/methodology/approach Given that SEO can be one of motivations for earnings management, the authors examined the role of outside blockholders in monitoring the opportunistic behavior of managers around 50 SEOs realized by 45 French companies during the 2005-2009 period based on panel data model. Findings The authors found that issuing firms are used for upward earnings management during the pre-offering period. Indeed, the discret
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Francis, Bill B., Iftekhar Hasan, James R. Lothian, and Xian Sun. "The Signaling Hypothesis Revisited: Evidence from Foreign IPOs." Journal of Financial and Quantitative Analysis 45, no. 1 (2010): 81–106. http://dx.doi.org/10.1017/s0022109010000037.

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AbstractWhile the signaling hypothesis has played a prominent role as the economic rationale associated with the initial public offering (IPO) underpricing puzzle (Welch (1989)), the empirical evidence on it has been mixed at best (Jegadeesh, Weinstein, and Welch (1993), Michaely and Shaw (1994)). This paper revisits the issue from the vantage point of close to two decades of additional experience by examining a sample of foreign IPOs—firms from both financially integrated and segmented markets—in U.S. markets. The evidence indicates that signaling does matter in determining IPO underpricing,
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Shiue, Fu-Jiing, and Yi-Yin Yen. "How international competitiveness moderates the relationship between corporate governance and seasoned equity offering underpricing." Corporate Ownership and Control 14, no. 4 (2017): 314–27. http://dx.doi.org/10.22495/cocv14i4c1art13.

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When a company exhibits favorable management performance, investors may have higher intention to purchase its stock at a premium price; the company may also make more desirable decisions in international expansion, attain higher international competitiveness, win the preference of investors, and thus exhibit a higher stock price, which results in higher seasoned equity offering (SEO) underpricing. Therefore, international competitiveness possibly plays a crucial moderating role between corporate governance and SEO underpricing. The empirical results of this study show that compared with govern
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Ngo, Anh, Oscar Varela, and Xie Feixue. "The effects of lines of credit on market timing and the underpricing of seasoned equity offerings." Review of Accounting and Finance 18, no. 1 (2019): 157–75. http://dx.doi.org/10.1108/raf-09-2016-0153.

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PurposeThis paper aims to examine the effects of lines of credit on a firm’s market timing behavior and the pricing of its seasoned equity offerings (SEOs). It shows that firms with lines of credit are more likely to time the equity market and receive less underpricing for their SEOs. It also shows that the propensity of firms with lines of credit to time the market is particularly significant for financially unconstrained firms. The results are robust to different measures of market timing and financial constraint, and these fill the gap in the literature that, to the best of the authors’ kno
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Ferreira, Miguel, and Paul Laux. "Corporate Boards and SEOs: The Effect of Certification and Monitoring." Journal of Financial and Quantitative Analysis 51, no. 3 (2016): 899–927. http://dx.doi.org/10.1017/s0022109016000405.

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AbstractIn a sample of underwritten seasoned equity offerings (SEOs), issuers with boards dominated by independent directors experience higher abnormal announcement returns than issuers with boards dominated by insiders. Firm size, transparency, and other governance characteristics do not explain the effect of board independence. The positive relation between board independence and SEO returns is more pronounced for firms with lower monitoring costs and more severe financial constraints. The evidence suggests that independent directors have a positive effect because of their role in controllin
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Bello, Mohammed Aminu, Aminu Kado Kurfi, and Bashir Tijjani. "CORPORATE GOVERNANCE AND STOCK MARKET REACTION TO SEASONED EQUITY OFFERING ANNOUNCEMENT BY FIRMS IN NIGERIA." Malaysian Management Journal 25 (July 9, 2021): 73–98. http://dx.doi.org/10.32890/mmj2021.25.4.

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This study examined the effect of corporate governance variables of board independence, institutional ownership, managerial ownership, board size, and director expertise on the market reaction to seasoned equity offering (SEO) announcements by firms in the Nigerian stock market. The event study methodology was employed, and abnormal returns were computed using the market model. A total of 62 announcements by 38 firms listed on the Nigerian stock exchange from 1st January 2006 to 31st December 2016 were included in the analysis. The study recorded significant positive cumulative abnormal return
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Park, Hyoung-Jin, and Jong-Woon Hong. "Post-SEO Stock Performance of Firms Classified by the Type of Seasoned Equity Offerings and by Market Sentiment." Korean Academic Association of Business Administration 32, no. 4 (2019): 703–19. http://dx.doi.org/10.18032/kaaba.2019.32.4.703.

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da Cunha, Jesse Alves, and Yudhvir Seetharam. "The long run performance of secondary equity offerings on the Johannesburg Stock Exchange." International Journal of Emerging Markets 13, no. 5 (2018): 1211–32. http://dx.doi.org/10.1108/ijoem-02-2017-0042.

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Purpose Opinions have been divided on whether there is a rational explanation to the reason behind seasoned equity offerings (SEOs) or whether the explanation lies within the behavioural intricacies attributed to stock market participants. The paper aims to discuss these issues. Design/methodology/approach This study investigates the long-run performance of firms conducting SEOs on the Johannesburg Stock Exchange (JSE) over the period of 1998–2015, by examining the return performance and operating performance of firms, along with the impact of investor sentiment on these variables. Findings Th
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Lorenz, Felix. "Underpricing and market timing in SEOs of European REITs and REOCs." Journal of Property Investment & Finance 38, no. 3 (2019): 163–80. http://dx.doi.org/10.1108/jpif-07-2019-0099.

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Purpose The purpose of this paper is to contribute to the literature on seasoned equity offerings (SEOs) by examining the underpricing of European real estate corporations and identifying determinants explaining the phenomenon of setting the offer price at a discount at SEOs. Design/methodology/approach With a sample of 470 SEOs of European real estate investment trusts (REITs) and real estate operating companies (REOCs) from 2004 to 2018, multivariate regression models are applied to test for theories on the pricing of SEOs. This paper furthermore tests for differences in underpricing for REI
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Hull, Robert Martin, Sungkyu Kwak, and Rosemary Walker. "Hedge fund variables and short-run SEO returns." International Journal of Managerial Finance 14, no. 3 (2018): 322–41. http://dx.doi.org/10.1108/ijmf-09-2017-0194.

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Purpose The purpose of this paper is to determine if hedge fund variables (HFVs) are associated with short-run daily buy and hold abnormal returns (BHARs) for a 30-day window around announcement dates for seasoned equity offerings (SEOs). Design/methodology/approach This paper utilizes the event study metric that computes BHARs. These BHARs are used in a regression model as dependent variables with HFVs and nonhedge fund variables (NFVs) as independent variables. For regression tests, standard errors are clustered at the month level. Findings This paper offers three new findings. First, HFVs a
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Kothari, S. P., Natalie Mizik, and Sugata Roychowdhury. "Managing for the Moment: The Role of Earnings Management via Real Activities versus Accruals in SEO Valuation." Accounting Review 91, no. 2 (2015): 559–86. http://dx.doi.org/10.2308/accr-51153.

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ABSTRACT We assess the role of both accruals manipulation (AM) and real activities manipulation (RAM) in inducing overvaluation at the time of a seasoned equity offering (SEO). Our results reveal that earnings management is most consistently and predictably linked with post-SEO stock market underperformance when it is driven by RAM; in particular, the opportunistic reduction of expenditures on R&D and selling, general, and administrative activities. Thus, overvaluation at the time of the SEO is more likely when managers actively engage in more opaque channels to overstate earnings. Our fin
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Zhang, Yilei, and Yi Jiang. "CEO-shareholder incentive alignment around SEOs." Managerial Finance 41, no. 1 (2015): 45–66. http://dx.doi.org/10.1108/mf-01-2013-0019.

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Purpose – The purpose of this paper is to examine CEO wealth changes around seasoned equity offerings (SEOs) to explore the shareholder-manager incentive alignment in major corporate equity financing decisions. Design/methodology/approach – The authors decompose CEO wealth into three major components: price effect, board compensation grant, and CEO’s own portfolio adjustment. The authors then compare SEO-event sample vs non-event samples; and evaluate the dynamic and long-run CEO wealth effect. Findings – The authors find when market reacts negatively to SEO announcement leading to losses in C
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